Smishing is a form of financial fraud where clicking on a certain web address sent via text message installs malware that can extract private information or money via a user’s mobile device. (image: Korea Bizwire)
SEOUL, Nov. 21 (Korea Bizwire) — The Financial Supervisory Service (FSS), in collaboration with KB Kookmin Bank and Amazon Web Services, has developed an AI algorithm that can distinguish smishing.
Smishing refers to a combination of SMS and phishing. It is a form of financial fraud where clicking on a certain web address sent via text message installs malware that can extract private information or money via a user’s mobile device.
The FSS said that an increasing number of smishing cases in recent years involve attracting potential victims with advertisements for low-interest loans and requiring them to send a certain amount of money in advance.
The smishing prevention app that uses the AI algorithm warns the user by adding indications to text messages that may be smishing attempts.
The FSS plans to make public the AI algorithm on smishing prevention at an international symposium next Thursday, and make it readily available for financial companies and fintech firms free of charge.
“It is hopeful that the AI system will prevent financial fraud by distinguishing and warning users of possible smishing attempts,” said Shin Won, senior director of the FSS Financial Supervisory Research Center.
Kevin Lee (kevinlee@koreabizwire.com)
